Blend Labs, Inc. (NYSE:BLND) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Blend Labs, Inc. (NYSE:BLND) has earned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $5.11.

A number of equities research analysts recently weighed in on BLND shares. JMP Securities assumed coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.75 price target on shares of Blend Labs in a report on Friday, December 20th. UBS Group increased their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group increased their price objective on Blend Labs from $3.40 to $3.90 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Keefe, Bruyette & Woods raised their price objective on Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a report on Thursday, November 7th.

Blend Labs Stock Performance

Shares of BLND stock opened at $3.84 on Monday. The firm has a market capitalization of $981.49 million, a P/E ratio of -11.28 and a beta of 1.38. The stock’s fifty day moving average is $4.35 and its two-hundred day moving average is $3.91. Blend Labs has a fifty-two week low of $2.08 and a fifty-two week high of $5.53.

Blend Labs (NYSE:BLND) last posted its earnings results on Wednesday, November 6th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $45.18 million for the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. On average, equities analysts forecast that Blend Labs will post -0.19 earnings per share for the current year.

Insider Activity

In other Blend Labs news, Director Timothy J. Mayopoulos sold 42,721 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $5.00, for a total value of $213,605.00. Following the transaction, the director now owns 387,620 shares of the company’s stock, valued at approximately $1,938,100. The trade was a 9.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Oxana Tkach sold 18,324 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.18, for a total value of $94,918.32. Following the transaction, the insider now directly owns 88,677 shares in the company, valued at approximately $459,346.86. This represents a 17.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 331,782 shares of company stock valued at $1,504,778 over the last three months. Insiders own 13.21% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLND. Geode Capital Management LLC raised its stake in shares of Blend Labs by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock valued at $17,880,000 after purchasing an additional 283,207 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blend Labs in the 3rd quarter valued at approximately $676,000. Advantage Alpha Capital Partners LP acquired a new stake in Blend Labs in the 3rd quarter valued at approximately $3,253,000. SG Americas Securities LLC bought a new stake in Blend Labs in the 3rd quarter valued at approximately $660,000. Finally, Fullcircle Wealth LLC acquired a new position in Blend Labs during the 3rd quarter worth approximately $508,000. 52.56% of the stock is currently owned by institutional investors.

About Blend Labs

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.